ANTM - Completing the sale of SDA subsidiary

Aneka Tambang (ANTM) has received IDR12 tn from the sale of Sumber Daya Arindo (SDA) shares to Contemporary Brunp Lygend (CBL). The funds will be exchanged for joint venture (JV) stake with CBL that produces EV battery raw materials. CATL commissioned its subsidiary CBL to work on nickel projects in Indonesia with ANTM. Lygend, a Chinese manufacturer of EV battery raw materials, holds a 30% stake in CBL. At least there are three projects undertaken by ANTM with CBL such as the development of nickel mines, ferronickel smelters, and high pressure leach acid (HPAL) projects to produce mixed hydroxide precipitate (MHP), with investments of USD226 mn, USD1.8 bn, and USD1.3 bn respectively. (Source: Investor Daily)